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GSPC IPO

CA. SUJAL MEHTA (Service) (3316 Points)

02 June 2010

When will IPO of GSPC come? In Middle of June? I think it will be good for investment.

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5 Replies

Rahul Gupta (Project Controller ACA MBA(Fin.)) (8014 Points)
Replied 02 June 2010

Hello sir,

Please update my knowledge with what does GSPC stands for. I am not getting the same.

Thanks for sharing.

CA. Dashrath Maheshwari (TaXpert) (15090 Points)
Replied 02 June 2010

Originally posted by : Rahul Gupta
	Hello sir, Please update my knowledge with what does GSPC stands for. I am not getting the same. Thanks for sharing.

its Gujarat State Petroleum Corporation

Rahul Gupta (Project Controller ACA MBA(Fin.)) (8014 Points)
Replied 02 June 2010

Thanks sir for the knowledge updating.

What I found till now is , that the Draft prospectus filed with SEBI on 26th March, 2010. But not yet cleared.

Thanks.

CA Himanshu Bansal (Risk Manager) (2345 Points)
Replied 03 June 2010

Rs 4000-cr IPO from GSPC by July end

Gujurat State Petroleum Corporation, a leading oil and gas producer, is all set to tap the markets later this month to raise around Rs 4,000 crore by selling 16.7 per cent of its equity. The company plans to sell 5 per cent via pre-IPO placement to select investors.
GSPC would be the first state run oil and exploration firms to tap the capital markets in a long time.

Senior company officials say majority of the funds raised from this IPO would be parked into the development of its gas reserves in KG basin which they expect to be in the tune of 2 trillion cubic feet.

The funds raised would also be used to enhance their gas based power generation capacity to 1,200 MW by the end of this financial year.Of the money raised the company plans to utilise around Rs 1,280 crore for developing Deen Dayal west field in the Krishna Godavari basin.

The company would use Rs 1,220 crore towards pre-payment of loans and around Rs 560 crore for oil and gas exploration.While experts see GSPC as a promising oil and gas explorer, thanks to success in the Krishna Godavari basin, questions have been raised about its ability to raise funds for pumping into these capital intensive projects.While an IPO will be of some help, analysts do not rule out a further equity dilution to a strategic partner in Hazira.

[Source : Some public forum.]

Rahul Gupta (Project Controller ACA MBA(Fin.)) (8014 Points)
Replied 08 June 2010

Hello Friends , For GSPC IPO check out the folowing latest news.

Complaint filed before SEBI against GSPC IPO

AHMEDABAD: A complaint has been filed with market regulator SEBI, seeking to prevent Gujarat government owned blue chip company GSPC from going to

the market to mop up over Rs 3500 crore to fund its various projects.

City-based Amarsing Chavda who has moved Sebi has charged that "the company has hidden some facts from the regulator."

"There are various issues on which GSPC remains silent. We want the company to provide details on issues like its dealing with Geoglobal Resources and Swan Energy before it launches IPO," Chavda said in his complaint.

He charged GSPC for misleading both SEBI and the potential investors.

"In consequence of the serious failures on the part of GSPC, it should not be given permission to proceed with the public issue and if interim or final permission has been given to proceed with the public issue, the same should be reviewed and withdrawn," he stated in the complaint.

Geoglobal Resources referred to in the complaint is a technical partner in GSPC's Deendayal KG Basin block where the company has found huge reserves of gas.

Lately, differences have cropped up between the partners over some issues and amount under dispute is about USD 150 million plus interest

Source Link >

https://economictimes.indiatimes.com/markets/ipos/Complaint-filed-before-SEBI-against-GSPC-IPO/articleshow/6015368.cms